In September last year, Hyundai Motor Group purchased an 80,000-square-meter plot of land in southern Seoul from Korea Electric Power Corporation for nearly ten billion U.S. dollars.
Korea's second-largest group planned to establish a global business center on the land, including its headquarters and a car-based theme park.
Last month, Chairman Chung Mong-koo laid out the group's vision to construct a 105-story building during his annual New Year's speech to Hyundai employees.
On Sunday, the group finally submitted its detailed development scheme to the Seoul City Government.
The finalized plan is to build a 115-story structure that will house the group's headquarters, offices and other business facilities.
It's 10 floors higher than the previously envisioned building and will stand 571 meters tall.
Hyundai Motor Group also aims to build a commercial facility inside a separate 62-story building, featuring a convention center, hotel and shopping mall.
If everything goes to plan, the construction will become the tallest building in Korea.
The Seoul City Government says it will convene a meeting of experts from different fields to review the proposal and examine the impact the building could have on traffic flow and the environment of the local area.
Currently, the 305-meter Northeast Asia Trade Tower in the western port city of Incheon is the tallest building in Korea.
The Lotte World Tower in southeastern Seoul, which has run into a number of construction and safety controversies, will be 555 meters tall once it is completed next year.
Sohn Jung-in, Arirang News.